Houston's diverse economy is helping us to better weather the economic downturn. One industry that's staying busy: construction.
Houston continues to build new apartments in 2020. A new report by RENTCafé says we're on track for a two percent increase, which translates to 10,404 units. At the same time, there's a decrease nationwide. 12 percent less apartment units are being built in the U.S. this year compared to 2019. However, Doug Ressler, with the group that compiled the data, Yardi Matrix, says the pace of building in our area will start to slow in the coming months.
“[There’s] a lot driven by energy, and oil prices and gas prices. And we see a sustained oil and gas price that’s going to keep economic diversity down, out through 2024,” Ressler said.
He notes average rents and occupancy rates have been slowly declining.